(1) The Bank shall administer the system of regulation and supervision of credit unions provided for by or under this Act with a view to -

(a) the protection by each credit union of the funds of its members, and

(b) the maintenance of the financial stability and well-being of credit unions generally.

(2) The Bank shall have power to do anything which, in its opinion, is necessary to facilitate the exercise of its functions or is incidental to or consequential on their exercise; and, in the exercise of any such power, the Bank may consult the Advisory Committee and such other bodies as appear to it to be expert or knowledgeable in matters relating to credit unions.

(3) Neither the registration of a credit union nor the imposition of any prudential, supervisory or reporting requirements or conditions by the Bank shall constitute a warranty as to the solvency of the credit union to which registration is given; and neither the State nor the Bank shall be liable in respect of any losses incurred through the insolvency or default of a society which is registered as a credit union.